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Platinum One FAQ
Serviced Apartments
‘Platinum One’ is defined as the property and apartments forming part of a serviced apartment development.
Can I live in my apartment?
No. The project is an investment. Each apartment is leased back from the owner for an initial period of 20 years and promoted to tourists and business clients through ACW Holdings’ own lease back scheme.
Can I use my apartment?
Yes. You have the right to use your apartment for a period of four weeks each calendar year. If your own apartment is unavailable, you will be offered an alternative apartment subject to availability, of the same specification that you own or if not available, an apartment of another type.
What happens if I do not wish to use my apartment?
If you do not use the apartment for this period you will not be compensated in any way.
What income can I expect to earn on my apartment?
Owners will receive 60% of the net revenue generated. The revenue is pooled and then divided between the owners based on a grading of their apartment at the time of purchase.
The actual income amount will depend on variants such as room rates and occupancy levels; however the expected returns on the project are projected to be around 15% per annum.
When will I receive my income?
Payments will be made every six months in arrears. Therefore on the 1st day of the 7th month, the 1st day of the 13th month and onwards. Every year the income and expenses will be independently audited and adjustments made (plus or minus) in the payment made on the 1st day of the 7th month of the following year.
Are there any other charges payable?
All DEWA (Dubai Electricity & Water Authority) costs for your apartment will be included in the service charges on a pro rata basis according to the grade of apartment and deducted alongside the management fees.
Any registration fee with the master developer and / or the Dubai Land Department will need to be paid by yourself, as and when due and will not for part of the management fees.
Do I need to take out insurance?
No. The building will be insured by the management company and will be charged with the management fees.
The contents will be insured by the management company and will be charged with the management fees.
Any required public liability insurance or any other form of insurance required to rent the apartments to the public will be charged with the management fees.
